Brief: Precision Drilling Announces Acquisition Of Cwc Energy Services

CWC Energy Services

07/09/2023 12:12

Sept 7 (Reuters) - Cwc Energy Services Corp  CWC.V :
    * PRECISION DRILLING  PD.TO  ANNOUNCES ACQUISITION OF CWC
ENERGY
SERVICES
    * PRECISION DRILLING CORP: PROPOSED DEAL FOR TOTAL
CONSIDERATION
OF APPROXIMATELY $141 MILLION
    * PRECISION DRILLING CORP - EXPECTS TRANSACTION TO BE
ACCRETIVE ON
A 2024 CASH FLOW PER SHARE BASIS
    * PRECISION DRILLING CORP: EXPECTS TO REALIZE ANNUAL
OPERATING
SYNERGIES OF APPROXIMATELY $20 MILLION ONCE CWC IS FULLY
INTEGRATED
    * PRECISION DRILLING: IDENTIFIED ABOUT $20 MILLION OF EXCESS
CWC
REAL ESTATE THAT IT EXPECTS TO MONETIZE POST-DEAL CLOSING
    * PRECISION DRILLING CORP - FOR 2023, PRECISION REMAINS ON
TRACK
TO REDUCE ITS DEBT BY $150 MILLION
    * PRECISION DRILLING CORP - REMAINS COMMITTED TO REDUCING
ITS DEBT
LEVELS BY $500 MILLION BETWEEN 2022 AND 2025
    * PRECISION DRILLING CORP -  PRECISION REMAINS COMMITTED TO
ACHIEVING A SUSTAINED NET DEBT-TO-ADJUSTED EBITDA RATIO OF LESS
THAN 1.0 TIMES BY END OF 2025

Source text for Eikon:  ID:nGNX3S982R 
Further company coverage:  CWC.V 

 (Reporting by ArsheeyaSingh Bajwa)
 ((ArsheeyaSingh.Bajwa@thomsonreuters.com;))